Fly Leasing reports Q2 income of $9.6 million

FLY is reporting net income of $9.6 million for Q2, according to a result report releases today. This compares to net income of $54.1 million for the same period in 2019. “Our second quarter results reflect the challenges of the COVID-19 pandemic but FLY remains in a strong position to meet its financial and operating commitments with unrestricted cash of $289 million and nearly $600 million of unencumbered aircraft,” said Colm Barrington, chief executive of FLY. “FLY is reporting a record low net debt to equity ratio of 2.1x at quarter end and 21% growth in book value per share